(A) The Area Commission of Tri-County Technical College, with the approval of the State Department of Administration or State Fiscal Accountability Authority, as appropriate, may enter into one or more ground lease agreements with a private entity in which the private entity provides all services necessary for the creation and operation of an on-campus facility, the purpose of which must be determined by the commission including, but not limited to, financing, designing, constructing, managing, operating, maintaining, and related services. Upon expiration of the ground lease agreement term, the private entity shall surrender to the college the premises with the existing buildings, other structures, and improvements constructed and located on the premises, in the same condition as when the construction of the buildings, other structures, and improvements were completed, with only natural and normal wear and tear excepted. The State Department of Administration or State Fiscal Accountability Authority, as appropriate, shall first approve all ground lease agreement terms and conditions including the consideration involved. The full faith and credit of the State toward the lease obligations may not be pledged, and a statement to the contrary is deemed null and void as a matter of public policy. The approval required is in lieu of or a substitute for other approval required by another provision of law or regulation in connection with the undertaking of the private entity and the college; however, the private entity and the college shall adhere to fire, life, and safety codes as required by the Office of the State Engineer.

(B) The Area Commission of Tri-County Technical College, upon the approval of the State Department of Administration or State Fiscal Accountability Authority, as appropriate, may enter into a lease or lease purchase agreement with a private entity for the entity to occupy a college facility or a facility to be built by the college on college property for the purpose of conducting an entrepreneurial or commercial activity.

(C) The Area Commission of Tri-County Technical College, upon approval of the State Department of Administration or State Fiscal Accountability Authority, as appropriate, may enter into a ground lease with a private entity for the private entity to build a facility on property of the college in which the private entity will conduct an entrepreneurial or commercial activity consistent with the scope and mission of the college.

(D) In implementing the provisions of subsections (B) and (C), full compliance with the provisions of Article X, Section 11 of the Constitution of this State is required.

(E) Neither this section, nor the approval required by this section, exempts any transaction or entity from complying with Chapter 35 of Title 11.